The People’s Bank of China will support powerful financial technology forces to enter the rating market and encourage existing institutions to consolidate and grow, according to an article published on its website on Tuesday. It is necessary to enhance the independence and credibility of rating agencies, the article said. The central bank also encouraged rating agencies to expand overseas markets and increase international competitiveness. There are 52 registered rating agencies in China.

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PBOC To Enhance The Strength Of Rating Agencies